You die, they pay. That’s how Frank they are. FRANK life insurance provides life cover, dread disease and salary protection direct to the public without burdening you with paper work or an endless array of complicated clauses. In fact, their insurance policies live up to the credo being written in plain English so everyone can understand.
Depending on you employment, lifestyle choices and medical history, FRANK life insurance covers individuals for up to R10 million. This amount can decrease or increase according to changing circumstances, given that you are not an uninsurable risk. When taking out life insurance with them (or any life insurance company however), they warn insureds to do the following:
Notify FRANK in the event of a change in lifestyle
If you change your job or pick up certain habits like smoking, or even take up hobbies such as skydiving or base jumping, you’ll want to inform the insurance company. These factors influence how much of a risk you are to the insurance company, which affects your insurance premiums. These are known as material changes to your life insurance company. If you fail to inform them of these changes, then come time to claim, they may refuse to payout on the grounds of non-disclosure.
Life insurance, like other insurance, is a mitigation of risk between you and the insurance company. You are, in effect, paying them to bear your financial risks. The more risky you are, the more you have to pay them. Failing to inform them of a change in risk is viewed as a breach of the initial contract.
Do not deliberately injure yourself
While this should go without saying, it doesn’t in your insurance policy. Most life insurance companies include clauses to the effect that deliberately injuring yourself or making yourself ill to get a payout on life cover or salary protection is tantamount to fraud. Even insurance companies which do cover suicide as a cause of death impose certain restrictions on cover. FRANK life insurance also state that failing to seek recommended medical advice or failing to adhere to professional medical advice is a breach of contract and will void any claims on the policy.
Get an HIV test
Most direct insurance companies will not require a full medical exam, but will ask that you get an HIV test. In fact, life cover only begins after the results of that test have been made available to the insurance company. With FRANK life insurance, this has to be done within three months of the commencement of the policy